Top News For Nov 14, 2021
Monday, November 14, 2021 1:58 PM

GE Signs $6 Bln Engine Contract with Emirates Airline  

General Electric Co. (NYSE:GE) signed a 12-year, $6 billion deal with Emirates Airline to provide and maintain engines for the carrier’s new fleet of Boeing Co.777-300 ER jets. The carrier has announced to buy 50 Boeing jetliners for about $18 billion. In addition to providing engines, GE will also design and construct an engine overhaul shop for $120 million. 

Goldman Sachs Downgrade Barclays from Neutral to Sell

Goldman Sachs(NYSE:GS) downgraded Barclays Plc(LON:BARC) to “sell”from “neutral”, saying the impact of proposed reforms by the Independent Commission on Banking(ICB), could be much higher than expected, according to media reports. Goldman has estimated all-in cost to be around 10 billion pounds or $16 billion, that’s double the ICB estimate. Goldman said,” We believe this regulatory super-equivalence has the capacity to structurally disadvantage UK banks, particularly outside the ringfence."  

Lowe’s Report 44 Percent Decline in 3Q Net Profits

Lowe's Companies Inc.  (NYSE:LOW) reported a decline in third quarter net income to $255 million, or 18 cents a share from $404 million, or  29 cents a share for last year. Revenue climbed 2 percent to $11.9 billion. Pre-tax charges worth $336 million, or 17 cents a share related to store closing and discontinued projects hit the company’s third quarter results. Analyst expected earnings of 33 cents a share on revenue of $11.7 billion. The company’s year -end EPS projection stands at $1.37 to $1.40 a share.

J.C. Penney slips to 3Q loss on charges, lower sales

J.C. Penney Co. Inc. (NYSE:JCP) slipped to a quarterly loss, hit by charges and a decline in sales as the customers spent less. The company slipped to a net loss of $143 million or $0.67 per share from a profit of $44 million or $0.19 per share in the same period of last year. Excluding restructuring and management transition charges, earnings fell to $0.11 per share for the third quarter, down 42 percent from $0.19 per share in the year-ago quarter. Total sales fell 4.8 percent to $3.99 billion, while comparable store sales declined 1.6 percent.


Dai-ichi Life Reports 58 Percent Decline in First Half Net Profits

Dai-ichi Life Insurance Co Ltd reported 58 percent decline in net profits to Y12.36 billon form Y29.44 for the same period last year, due to a valuation loss of Y85.1 billion on its securities holdings. Its revenue grew 9.2 percent to Y2.470 trillion from Y2.263 trillion last year. The company has left its earnings guidance unchanged at Y37 a billion profits for revenue of Y4.334 trillion.

Lonmin FY Net Profits Jump

World third largest platinum producer Lonmin Plc (LON:LMI) reported a jump in full-year  net profits to $273 million from $112 million last year. Its EBITDA stood at $431 million as compared with $337 million for last year. Revenue stood at $1.99 billion as compared with $1.59 billion for same period last year. The company sold 7621,000 ounces of platinum as compared with 706,000 ounces last year and even beating its own estimate of 720,000 ounces narrowly.